Common use of Excluded Transactions Clause in Contracts

Excluded Transactions. The Company will not be obligated to effect any registration of Registrable Securities under this Section 7.2 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (b) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Public Offering, unless (i) such offering will have been initiated by the Investors pursuant to Section 7.1.1 or (ii) one or more Investors will have requested that all or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.1.

Excluded Transactions. The Company will shall not be --------------------- obligated to effect any registration of Registrable Securities under this Section 7.2 6.3 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (b) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Public Offering and the Qualified Public Offering, unless (i) such offering will have Public Offering has been initiated by the Investors pursuant to Section 7.1.1 6.1.1 or (ii) one or more Investors will have requested that all or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.16.2.1.

Excluded Transactions. The Company will shall not be obligated --------------------- to effect any registration of Registrable Securities under this Section 7.2 8.3 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (b) Any Public Offering relating to the acquisition or merger after the date hereof of the Original Agreement by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Any Public Offering, unless (i) such offering will have been Offering initiated by the NatWest Investors pursuant to Section 7.1.1 or (ii) one or more Investors will have requested that all or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.18.2A.1.

Excluded Transactions. The Company will shall not be obligated to effect any registration of Registrable Securities under this Section 7.2 2.2 incidental to the registration of any of its securities in connection with: (ai) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (bii) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businessesbusinesses except to the extent such Public Offering is for the sale of securities for cash; or (ciii) The Initial Public Offering, unless (i) such offering will shall have been initiated by the Investors pursuant to Section 7.1.1 2.1.1 or (ii) one or more Investors will have requested that all or the Holders of a specified part majority of its the Registrable Securities be included in such offering pursuant to this Section 7.2.1determine otherwise.

Excluded Transactions. The Company will shall not be obligated to effect any registration of Registrable Securities under this Section 7.2 7.3 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (b) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Public Offering, unless Offering except as to (i) Registrable Securities requested to be included in such offering will have been initiated by one or more of the ▇▇▇▇ Investors pursuant to Section 7.1.1 or and the ▇▇▇▇▇▇▇▇ Investors and (ii) one or more Investors will have securities requested that all or a specified part of its Registrable Securities to be included in such offering pursuant to registration rights that exist on the date of this Section 7.2.1Agreement.

Excluded Transactions. The Company will shall not be --------------------- obligated to effect any registration of Registrable Securities under this Section 7.2 11.3 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plansplans or to any equity plan for franchisees or sale of equity to any franchisee (or Affiliate thereof); (b) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Public Offering, Offering unless (i) such offering will shall have been initiated by the Investors pursuant to Section 7.1.1 11.1.1 or (iib) one or more Investors will shall have requested that all or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.111.3.1.

Excluded Transactions. The Company will shall not be --------------------- obligated to effect any registration of Registrable Securities under this Section 7.2 8.3 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (b) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Public Offering, unless (i) such offering will have been initiated by the Investors pursuant to Section 7.1.1 or (ii) one or more of the Investors will have requested that all has exercised its rights under Section 8.1 or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.18.3.

Excluded Transactions. The Company will shall not be obligated to effect any registration of Registrable Securities under this Section 7.2 incidental to the registration of any of its securities in connection with: (ai) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (bii) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses; or (ciii) The Initial Public Offering, unless (i) such offering will shall have been initiated by the Investors pursuant to Section 7.1.1 or (ii) one or more Investors will shall have requested that all or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.1.

Excluded Transactions. The Company will shall not be --------------------- obligated to effect any registration of Registrable Securities under this Section 7.2 8.3 incidental to the registration of any of its securities in connection with: (a) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; (b) Any Public Offering relating to the acquisition or merger after the date hereof of the Original Agreement by the Company or any of its subsidiaries of or with any other businesses; or (c) The Initial Any Public Offering, unless (i) such offering will have been Offering initiated by the NatWest Investors pursuant to Section 7.1.1 or (ii) one or more Investors will have requested that all or a specified part of its Registrable Securities be included in such offering pursuant to this Section 7.2.18.2A.1.